A brief overview of the methodology the OMG's CBDC WG used to formulate a response to the White Paper.
The U.S. Federal Reserve (Fed) published a white paper on Money, and Payments: The U.S. Dollar in the Age of Digital Transformation1), which provided a discussion and analysis of Central Bank Digital Currency (CBDC), some possible designs to address CBDC, and some direct questions they posed to stakeholders about the possibility of adoption of CBDC by the U.S. Federal Reserve.
The Object Management Group's CBDC WG is responding to the questions posed by the White Paper. The OMG's CBDC WG response is based on a Systems Engineering approach, see Figure 1. The following briefly describes each step in the process:
The White Paper was reviewed and its content was divided into two main sections:
1. A general discussion of what the Federal Reserve believes the CBDC needs to do is restated in terms of a matrix of Federal Reserve “Desirements” (i.e., White Paper Analysis). These “Desirements”2) are classified according to the four main objectives stated in the White Paper:
2. A set of questions for potential stakeholders to answer. Upon review of the answers to the questions,
The results were then collated into a single OMG CBDC WG response that includes a set of overall recommendations